SPOTIFY CHAIRMAN: 'I've got 99 problems - and Jay Z ain't one!'

Martin Lorentzon, the chairman of music streaming service Spotify, isn't worried about the impending threat from competitors including Tidal and Apple.

In fact, he's joking about it. 

Lorentzon spoke on Thursday at the STING Day conference in Stockholm.

He was asked about the threat from Tidal, the streaming service that rapper Jay Z acquired for $56 million in March.

Here's what he had to say:

Tidal held a relaunch conference in March in New York, that featured a collection of some of the most famous people in music. A big part of Tidal is securing exclusive releases from stars including Jay Z himself, as well as his wife Beyoncé and musicians like Rihanna and Daft Punk.

That could damage Spotify - if musicians start taking their music elsewhere then customers might reconsider signing up to Spotify. But it looks like for now, at least, Spotify isn't too worried. 

Meanwhile, Spotify announced on Thursday it is holding a media event on May 20 in New York City. The event invite reads "We've got some news," but offers no further details.